Wealth Counselor January 2019  Like us on Facebook Follow us on Twitter View our profile on LinkedIn
Dear Friends,

On behalf of the attorneys and staff of Carrell Blanton Ferris & Associates, I'd like to wish you all a joyous New Year. We remain grateful for your continued support and we hope that we continue to be a valued partner to your practice in 2019.

This article may be of benefit to you in advising your clients for filing their tax returns for 2018.

Happy reading!
 
 
TAX SAVINGS FOR SMALL BUSINESS OWNERS UNDER IRC SECTION 199A

Article written by 
 
The Tax Cuts and Jobs Act of 2017 (TCJA) took effect on January 1, 2018. Taxpayers filing in 2019 will use 
TCJA provisions to report their 2018 taxes.

Owners of small businesses will be able to claim significant deductions from their income if they are structured as pass-thru entities. These entities include sole proprietorships, partnerships, S-corporations and LLCs.

First, a little legislative history: The bills in the House and Senate which led to the TCJA were championed by the Republicans and President Trump. In fact the TCJA passed on the final vote with no Democratic votes in either house.



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CIRCULAR 230 DISCLOSURE:

U.S. Treasury Department Regulations require that we advise you that, unless otherwise expressly indicated, any federal tax advice contained herein is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax related matters addressed herein.

 

 

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